Report: Weingarten to exit industrial

Weingarten Realty is looking to sell its entire industrial portfolio, a move that would turn the Houston-based REIT into a purely retail company, an industry publication reported today.

The Houston REIT has been under pressure from investors for years to sell its 11.3 million square feet of warehouse space in order to focus on its core sector — shopping centers. The company appears to believe the time is ripe for an offering, due to the strong demand for industrial properties. It’s hoping a sale will boost its stock price.

The 6.5 million square feet worth of properties are valued at around $435 million and J.P. Morgan is advising the company on the disposition, the report said. Houston has 2.9 million square feet of the portfolio.

The local real estate firm, which started in the grocery business, owns or operates more than 300 neighborhood grocery and community shopping centers in 22 states. It has 76 industrial properties. Most inner-Loopers know about the company because of this and this.